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Virtus Total Return Fund Inc.

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Ticker
CUSIP
Inception
Market Price
$
(as of )
Premium/Discount
%
Managed Assets
$ (as of )
Net Assets
$ (as of )
Average Daily Volume
(as of )
Shares Outstanding
Distribution Frequency

Portfolio Overview

Investment Overview

The Fund's investment objective is capital appreciation, with current income as asecondary objective. The Fund seeks to meet its objectives through a combination of equity and fixed income investments.

The equity portion of the Fund invests globally in owners/operators of infrastructure in the communications, utility, transportation, and energy industries.

The fixed income portion of the Fund is designed to generate high current income and total return through the application of active sector rotation, extensive credit research, and disciplined risk management designed to capitalize on opportunities across under valued areas of the fixed income markets.

Management Team

Investment Partners

Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management pursues specialized investment strategies with exceptional depth of resources and expertise. Since its earliest beginnings, providing research and analysis of income producing securities to Depression-era investors, the firm's attention has been set on identifying attractive opportunities through active management and fundamental research, while managing the associated risks. Today, building on a distinguished legacy, Duff & Phelps has earned a reputation as a leader in investing in Global Listed Infrastructure, Global Listed Real Estate, Clean Energy, and Diversified Real Assets.

Quality. Reliability. Specialization. Since 1932.


Learn more about Duff & Phelps Investment Management Co.

Newfleet Asset Management

Newfleet Asset Management leverages the knowledge and skill of a team of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction.

Newfleet Asset Management is a division of Virtus Fixed Income Advisers, LLC ("VFIA"), an SEC registered investment adviser.


Learn more about Newfleet Asset Management

Investment Professionals

Connie Luecke

Connie Luecke, CFA

Senior Managing Director, Senior Portfolio Manager

Industry start date: 1983
Start date as fund Portfolio Manager: 2011

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Steven Wittwer

Steven Wittwer, CFA

Executive Managing Director, Senior Portfolio Manager

Industry start date: 1997
Start date as fund Portfolio Manager: 2024

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Image - Photo - Rodney Clayton

Rodney C. Clayton, CFA

Managing Director, Portfolio Manager, and Senior Research Analyst

Industry start date: 2004
Start date as fund Portfolio Manager: 2024

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David Albrycht - 400x400

David L. Albrycht, CFA

President and Chief Investment Officer

Industry start date: 1985
Start date as fund Portfolio Manager: 2011

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Performance & Risk

Performance

As of
As of

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.

Performance reflects the deduction of Fund operating expenses. Performance does not reflect the incurrence of brokerage expenses, which typically apply to exchange traded products. Total return net of brokerage expenses would be lower than the total returns on market value shown in the table. Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. Returns for periods of one year or less are cumulative returns.

The Fund's historical performance prior to 11/18/2019 reflects the performance of the Virtus Total Return Fund Inc. (ZF). This change is due to the fact that ZF was the accounting survivor when the Fund and ZF merged on 11/18/2019. Also, performance and characteristics prior to 12/9/2011 were attained by a different investment adviser using a different investment strategy.

Inception date shown reflects performance inception date. The Fund began operations on 9/30/1988.

Expenses

Portfolio

Ratings Distribution (% Fixed)

(as of 12/29/2023)
Aaa
19.98
 19.98%
Aa
6.69
 6.69%
A
11.33
 11.33%
Baa
24.35
 24.35%
Ba
15.33
 15.33%
B
16.71
 16.71%
Caa
3.35
 3.35%
Ca
0.20
 0.20%
C
0.15
 0.15%
D
0.20
 0.20%
NR
1.56
 1.56%
Cash & Equivalents
0.16
 0.16%

The ratings issued by Nationally Recognized Statistical Rating Organizations assess the credit worthiness of a corporation's or government's debt issues. The ratings apply to the fund's holdings and not the fund. Ratings are provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Newfleet uses the higher rating. If a rating is not available, the bond is placed in the Not Rated category. Credit ratings are subject to change. Aaa, Aa, A, and Baa are investment grade ratings; Ba, B, Caa, Ca, C, and D are below-investment grade ratings.

Sector Allocation (% Equity)

(as of 12/29/2023)
Utilities
46.15
 46.15%
Industrials
28.48
 28.48%
Energy
14.04
 14.04%
Real Estate
9.19
 9.19%
Communication Services
2.13
 2.13%
Consumer Discretionary
0.01
 0.01%

Allocations are subject to change daily.

Sector Allocation (% Fixed Income)

(as of 12/29/2023)
Corporate - High Quality
20.54
 20.54%
Corporate - High Yield
18.23
 18.23%
Asset Backed Securities
13.92
 13.92%
Bank Loans
13.57
 13.57%
Non-Agency Residential MBS
11.92
 11.92%
Emerging Market - High Yield
5.15
 5.15%
Mortgage Backed Securities
4.10
 4.10%
Non-Agency Commercial MBS
3.85
 3.85%
Treasury
3.85
 3.85%
Yankee - High Quality
3.08
 3.08%
Taxable Municipals
0.84
 0.84%
Municipals
0.58
 0.58%
Non-USD
0.18
 0.18%
Cash
0.16
 0.16%
Equity
0.03
 0.03%

Allocations are subject to change daily.

Top Holdings (% Fund)

(as of 12/29/2023)
Security
Transurban Group
6.24
 6.24%
American Tower Corp
6.08
 6.08%
Aena SME SA
4.82
 4.82%
Cheniere Energy Inc
4.49
 4.49%
Sempra
3.89
 3.89%
NextEra Energy Inc
3.82
 3.82%
National Grid PLC
3.48
 3.48%
Crown Castle Inc
3.46
 3.46%
Southern Co/The
2.79
 2.79%
Union Pacific Corp
2.70
 2.70%

Holdings are subject to change.

Leverage

Assets (in millions)

(as of 02/29/2024)
Total Net Assets $420.69
Total Borrowed Debt $187.00
Total Managed Assets $607.69

Effective Leverage

(as of 02/29/2024)
Borrowed Debt 30.77%
Assets (in Millions):

Total Net Assets: includes net assets applicable to Common Shareholders
Total Managed Assets: Total Net Assets + Total Borrowed Debt

Effective Leverage:

Borrowed Debt: % is Total Borrowed Debt divided by Total Managed Assets

Distributions

Ex. Dividend Date
Record Date
Payable Date
Frequency
Latest($/Share)
YTD($/Share)
Market Price Distribution Rate
(as of )

Distributions are not guaranteed and are subject to change.

Distributions may be comprised of net investment income, capital gains and/or return of capital. Please refer to Section 19a notices below, if applicable for estimates on the composition of the distribution.

Year-to-Date Distribution History

Month Ex-Date Payable Date Distribution
March 03/08/2024 03/28/2024 $0.050000
February 02/09/2024 02/28/2024 $0.050000
January 01/11/2024 01/30/2024 $0.050000

Ex-Date Record Date Payable Date Total Distribution ($/Share) Note



You should not draw any conclusions about the Fund’s investment performance from its distributions. Please view the Fund’s Section 19a notices below, if applicable, which set forth information regarding the estimated composition of the distributions, including any portion that may constitute a return of capital.

Fund Distributions and Managed Distribution Plan

Under the terms of the Fund’s managed distribution policy, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund.

The amounts and sources of distributions reported in Section 19(a) Notices are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Please note that the characterization of Fund distributions for federal income tax purposes is different from book accounting generally accepted account principles (“GAAP”). The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Please consult a tax professional regarding specific tax matters.

Please view the Fund’s Section 19-a notices, which set forth information regarding the composition of the distributions, including any portion that may constitute a return of capital.

Form 8937 Organizational Actions

Automatic Reinvestment Plan

This plan offers shareholders a convenient way to acquire additional shares of the fund. Registered holders will be automatically placed in the Plan. If shares are held at a brokerage firm, contact your broker about participation.

Net Asset Value vs. Market Price

Net Asset Value (NAV) represents the total value of all assets held by the Fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value returns reflect the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund. Market price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium (higher than) or a discount (lower than) to NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund has no control over the market price. The difference between the market price and the NAV (Premium/Discount) is expressed as a percentage of NAV.

Disclosures

There can be no assurance that the fund will achieve its investment objectives.

This information does not represent an offer, or the solicitation of an offer, to buy or sell securities of the Fund.

Contact your financial representative for more information, or  or call for service at 1-866-270-7788.

Risk Considerations

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small, medium, or large-sized companies may enhance that risk.
Management: The Fund is subject to management risk because it is an actively managed investment portfolio. Judgments by the Fund's subadviser about the attractiveness and potential appreciation of an investment may prove to be inaccurate and may not produce the desired results.
Infrastructure: A portfolio that focuses its investments in infrastructure-related companies will be more sensitive to conditions affecting their business or operations such as local economic and political conditions, regulatory changes, and environmental issues.
Foreign Investing: Investing in foreign securities subjects the portfolio to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.
Utilities Sector Concentration: The portfolio's investments are concentrated in the utilities sector and may present more risks than if the portfolio were broadly diversified.
Bank Loans: Bank loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be less liquid and may trade infrequently on the secondary market. Bank loans settle on a delayed basis; thus, sale proceeds may not be available to meet redemptions for a substantial period of time after the sale of the loan.
Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.
ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the non-repayment of underlying collateral, including losses to the portfolio.
Leverage: When the Fund leverages its portfolio, the Fund may be less liquid and/or may liquidate positions at an unfavorable time, and the value of the Fund's shares will be more volatile and sensitive to market movements.
Market Volatility: The value of the securities in the portfolio may go up or down in response to the prospects of individual companies and/or general economic conditions. Local, regional, or global events such as war or military conflict, terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio's manager(s) to invest its assets as intended.
Closed-End Funds: Closed-end funds may trade at a discount or premium from their net asset values, which may affect whether an investor will realize gains or losses. They may also employ leverage, which may increase volatility.
No Guarantee: There is no guarantee that the portfolio will meet its objective.

Related Literature

Fact Sheet

Virtus Total Return Fund Fact Sheet

Automatic Reinvestment

Virtus Total Return Fund - Automatic Reinvestment and Cash Purchase Plan

Holdings

Virtus Total Return Fund Inc. Holdings Fiscal Q1
Virtus Total Return Fund Inc. Holdings Fiscal Q3

Distributions

March 19, 2024
March 1, 2024
February 20, 2024
January 22, 2024
December 14, 2023
November 16, 2023
October 11, 2023
September 20, 2023
September 13, 2023
August 31, 2023
August 9, 2023
July 11, 2023
June 5, 2023
May 25, 2023
May 3, 2023
April 5, 2023
March 6, 2023
March 1, 2023

Section 19a Notices

March 2024
February 2024
January 2024
December 2023
November 2023
October 2023
September 2023
August 2023
July 2023
June 2023
May 2023
April 2023
March 2023
February 2023
January 2023
November 2022
October 2022
September 2022
August 2022
July 2022
June 2022
May 2022
April 2022
March 2022

News Releases/Communications

March 11, 2024 - Virtus Total Return Fund Inc. Announces Tender Offer Program
March 1, 2024 - Virtus Total Return Fund Inc. Announce Distributions and Additions to Portfolio Management Team
May 23, 2023 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders
April 11, 2023 - Joint Annual Meeting of Shareholders Proxy Statement
September 21, 2022 - Virtus Total Return Fund Inc. Announces Details of Completed Rights Offering
September 19, 2022 - Virtus Total Return Fund Inc. Completes Rights Offering
August 11, 2022 - Virtus Total Return Fund Inc. Rights Offering Prospectus
August 1, 2022 - Virtus Total Return Fund Inc. Rights Offering Declared Effective
July 28, 2022 - Virtus Total Return Fund Inc. Announces Record Date for Proposed Rights Offering
July 5, 2022 - Virtus Closed-End Funds Update
May 24, 2022 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders
April 18, 2022 - Joint Annual Meeting of Shareholders Proxy Statement
March 3, 2022 - Virtus Total Return Fund Inc. Authorizes Rights Offering
May 20, 2021 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders
April 15, 2021 - Joint Annual Meeting of Shareholders Proxy Statement
October 8, 2019 - Special Meeting Proxy Reminder Letter - ZTR
June 18, 2020 - Virtus Closed End Funds Remove Options Strategies
May 21, 2020 - Virtus Closed End Funds Announce Results of Joint Annual Meeting & Adjournment of Duff & Phelps Select MLP and Midstream Energy Fund Annual Meeting
April 9, 2020 - Joint Annual Meeting of Shareholders Proxy Statement
November 18, 2019 - Reorganization of Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc. Completed; Share Conversion Price Announced
November 4, 2019 - Virtus Closed End Funds Announce Results of Joint Special Meetings of Shareholders
September 6, 2019 - Special Meeting Proxy Reminder Letter - ZTR
August 21, 2019 - Special Meeting Proxy Statement - ZTR
July 3, 2019 - Virtus Closed-End Funds Announce Joint Special Meetings of Shareholders
May 22, 2019 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders
April 16, 2019 - Proxy Statement - ZTR
October 15, 2018 - Rampart Investment Management Added as Subadviser on Three Virtus Closed-End Funds
June 29, 2017 - Virtus Global Dividend & Income Fund Inc Announces Results of Tender Offer - ZTR
June 26, 2017 - Virtus Global Dividend & Income Fund Inc Announces Preliminary Results of Tender Offer - ZTR
May 26, 2017 - Virtus Global Dividend & Income Fund Inc Offer to Purchas - ZTR
May 26, 2017 - Virtus Global Dividend & Income Fund Inc and Virtus Total Return Fund Inc Commence Tender Offers - ZTR
January 3, 2017 - Virtus Global Dividend & Income Fund Inc Announces Final Results of Tender Offer- ZTR
December 27, 2016 - Virtus Global Dividend & Income Fund Inc Announces Preliminary Results of Tender Offer - ZTR
November 25, 2016 - Virtus Global Dividend & Income Fund Inc Tender Offer To Purchase - ZTR
November 25, 2016 - Virtus Global Dividend & Income Fund Inc and Zweig Fund Commence Tender Offers- ZTR
November 21, 2016 - Results of Special Meetings of Shareholders- ZTR
November 1, 2016 - Special Meeting Proxy Reminder Letter- ZTR
October 17, 2016 - Special Meeting Proxy Statement- ZTR
September 23, 2016 - Zweig Total Return Fund Changes Name to Virtus Global Dividend & Income Fund - ZTR
September 7, 2016 - Virtus and Zweig Closed-End Funds Announce Actions- ZTR
August 22, 2016 - Zweig Fund And Zweig Total Return Fund Announce Conditions Met For Second Tender Offers
August 2, 2016 - Five Closed-End Funds Announce Changes to Board Membership
June 3, 2016 - Zweig Total Return Fund Announces Final Results of Tender Offer- ZTR
May 27, 2016 - Zweig Total Return Fund Announces Preliminary Results of Tender Offer- ZTR
April 29, 2016 - Zweig Total Return Fund Inc Tender Offer to Purchase- ZTR
April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers- ZTR
April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers
April 5, 2016 - Zweig Fund and Zweig Total Return Fund Announce Tender Offer Programs
April 1, 2016 - Zweig Fund and Zweig Total Return Fund Announce Increases to Distribution Rates- ZTR

Governance

Governance & Nominating Committee Charter
Audit Committee Charter
Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters

Financial Materials

ZTR Annual Report
ZTR Semiannual Report
2023 Virtus Closed-End Funds Tax Information